BitMine Immersion Technologies has announced the pricing and signing of a private placement for the purchase and sale of more than 55.5 million shares of common stock at $4.50 per share, for expected aggregate gross proceeds of approximately $250 million before deducting placement agent fees and other offering expenses. The deal, funded in a mix of cash and cryptocurrencies, will support BitMine’s plan to implement an Ethereum (ETH) treasury strategy, marking a significant shift in its capital allocation model. 

The private placement is led by MOZAYYX, with participation from a robust lineup of traditional finance and crypto-focused investors, including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee, founder of Fundstrat and CIO of Fundstrat Capital. Lee has also been named Chairman of BitMine’s Board of Directors. 

“This transaction includes the highest quality investors across trad-fi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto,” said Lee in the announcement. 

BitMine plans to use the net proceeds to acquire Ethereum (ETH) as its primary treasury reserve asset, enabling the company to participate directly in native protocol-level activities such as staking and decentralized finance (DeFi) mechanisms on the Ethereum network. The firm says that one of its key performance metrics (KPIs) moving forward will be the value of ETH held per share, driven by a combination of reinvested cash flows, capital markets activities, and ETH’s market performance. 

ThinkEquity, LLC acted as placement agent for the offering. Cantor Fitzgerald & Co. served as advisor to the lead investor, MOZAYYX, which was represented by Winston & Strawn LLP. BitMine was advised by FitzGerald Kreditor Bolduc Risbrough LLP, while the placement agent was represented by Greenberg Traurig, LLP. 

The transaction is expected to close on or about July 3, 2025.